Deutsche Boerse to buy 80% of ISS for $1.8 billion | Reuters

The German stock exchange operator Deutsche Boerse DB1Gn.DE said on Tuesday it would acquire an 80% stake in Institutional Shareholder Services (ISS) for about $1.8 billion, the latest in a flurry of deals to sweep across the exchange industry. Deutsche Boerse to buy 80% of ISS for $1.8 billion | Reuters

The Chamber’s Appalling Amicus Brief on Proxy Advisors

The Chamber of Commerce, which has already deployed millions of dollars to get the SEC to restrict the sole source of independent research on proxy issues, has now filed an amicus brief in the ISS challenge to the rules. As expected, it is wrong on the facts and wrong on the law. It is particularly…

Four Spots Biden Is Likely to Reverse SEC Deregulation

In a Biden administration, a reconstituted SEC led by a Democratic chair and consisting of a Democratic majority will most likely launch an active rulemaking agenda, roll back Trump-era regulations, and step up its enforcement and inspections programs. Here are the four places to look first as the SEC retires the Commission’s current deregulatory approach….

Are Boards Talking About ESG? Pearl Meyer

This is disappointing. The panel suggests they need to look at ESG to respond to proxy advisors and investors. They need to look at ESG for the same reason proxy advisors and investors do; to better assess investment risk and return.

ISS’s Lorraine Kelly Responds to SEC Rule on Proxy Advisors

Lorraine Kelly, head of governance business at ISS, writes in Barron’s about the SEC’s proxy advisory rule. An excerpt: Since last year, the Securities and Exchange Commission has been swept up in a well-funded corporate lobbying campaign pressing for enactment of onerous regulations that will make it more difficult for shareholders to voice disagreement with…

VEA Vice Chair Quoted: Divided SEC Passes Controversial Proxy Advisor Rule

Nell Minow, Vice Chair of ValueEdge Advisors and a co-founder and former president of Institutional Shareholder Services Inc. (ISS), takes a different view on the proxy advisor rules. She told me that the rulemaking procedure is deficient in several different ways, and could be subject to court challenge. Initially, the Commission acted without proper regard…

SEC Commissioner Allison Lee on Her Vote Against the Proxy Advisor Rule

Paying More For Less: Higher Costs for Shareholders, Less Accountability for Management Commissioner Allison Lee photo Commissioner Allison Herren Lee July 22, 2020 At the proposing stage for these rules, I observed that they would harm the governance process and suppress the free and full exercise of shareholder voting rights. Unfortunately, that is still the…

SEC approves new rules for proxy advisers | Financial Times

With a party-line vote, the three Republican SEC Commissioners today approved a slightly less atrocious version of their proxy advisory firm rule. We will be posting more information and further reactions later. The US Securities and Exchange Commission on Wednesday approved new restrictions on proxy advisers but dropped a measure that would have required the…